Understanding College Costs and Financial Aid

Paying for college involves understanding a range of terms like Pell Grants, FAFSA, 529 plans, sticker prices, and more. It’s crucial to comprehend these concepts to effectively manage educational expenses.

College costs can be daunting, but knowing the facts can ease the process. We offer a six-week newsletter course with expert advice on saving, negotiating better aid packages, and changes in federal financial aid. Let’s assess your current knowledge.

Test your Knowledge on College Financials

1. Tuition Costs: What is the average published in-state tuition and fees for a public university?
2. Loan Borrowing: Which level of study accounts for about half of federal student loan borrowing?
3. Price Difference: What distinguishes sticker price from net price?
4. Loan Interest Rates: What interest rates do federal student loans have?
5. Grant Aid: What’s the average amount of grant aid received by undergraduates?
6. 529 Plans: What capabilities does a 529 college savings plan offer?
7. Loan Types: What is a major difference between federal and private loans?
8. Parental Borrowing: How much can parents borrow from the federal government for each child?
9. Free Tuition: How many colleges offer free tuition?
10. Repayment Time: What is the median duration borrowers need to repay a federal student loan?
11. Retirement Accounts: Is it possible to withdraw from an Individual Retirement Account for educational expenses without penalty?
12. Loan Forgiveness: How many applicants have had loans forgiven through the Public Service Loan Forgiveness program?

Your results may suggest more study. Enrolling in our newsletter course could provide the knowledge needed to navigate college payments.

About this story
Reporting by Danielle Douglas-Gabriel, illustrations by Elizabeth Sanduvete, with editing and production by Chastity Pratt, Courtney Kan, Stephanie Hays, and Amy Parlapiano.

This six-week newsletter course offers expert guidance on student loans, scholarships, and savings tips to simplify the complex process of paying for college. Sign up here.